Sellers are asking for more for their homes, and the increase in list price in the Portland area is outpacing the rest of the country.

The median asking price in Portland rose 4.01 percent in May compared with a year ago to $259,000. That's 1.65 percent higher than in April, according to Realtor.com data derived from regional listing services.

Nationally, asking prices rose 3.17 percent compared with a year earlier to $194,900.

In seeking higher prices for their homes, sellers are riding the low inventory of homes available for sale. In the Portland area, the supply of homes has fallen by 31 percent in the past year, reaching just under 7,500 homes for sale in May. Nationally, the inventory has fallen 20 percent compared with a year ago.